Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,031.97+42.02

THE TAKEAWAY: The US Dollar is attempting to stage a come-back after finding interim support while S&P 500 technical positioning continues to warn of weakness ahead.

US DOLLAR TECHNICAL ANALYSIS Prices put in a bullish Piercing Line candlestick pattern above support at 9933, the 23.6% Fibonacci expansion, hinting a move higher is ahead. Initial resistance lines up at 9983, the underside of a rising channel set from mid-September, with a break above that targeting the November 21 close at 10046. Alternatively, a drop below 9933 initially exposes a minor falling channel bottom at 9909.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_4.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a bearish Evening Star candlestick pattern below resistance in the 1424.90-1430.90 area, hinting the upward correction witnessed since mid-September may be over and the dominant down trend ready to resume. Initial support lines up at 1406.20, the 14.6% Fibonacci expansion, with a break below that exposing the 23.6% mark at 1394.30. Alternatively, a push back above 1430.90 targets 1466.10.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_3.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke lower after putting in a Bearish Engulfing candlestick pattern, taking out support at a rising trend line set from late June. Sellers now aim to challenge the November 5 low at 1672.50. The trend line (now at 1709.01) has been recast as resistance, with a push back above that aiming to challenge 1752.55.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_2.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

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CRUDE OIL TECHNICAL ANALYSIS Prices moved lower as expected after putting in a Shooting Star candlestick below resistance at the 23.6% Fibonacci expansion (89.48). Sellers have now cleared near-term support is at 87.42, the 14.6% Fib, exposing the channel bottom at 85.71. A break below that targets the November 7 low at 84.04. The 87.42 level has been recast as near-term resistance, with a reversal back above that aiming for 89.48 anew.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_1.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3556-0.0006-0.04%
    USDSGD=X
    1.4821+0.0008+0.05%
    EURSGD=X
    2.0619+0.0009+0.04%
    GBPSGD=X
    91.9735-0.0336-0.04%
    SGDJPY=X
    5.7215+0.0033+0.06%
    SGDHKD=X
    2.7261+0.0055+0.20%
    SGDMYR=X
    9,768.0107+25.3389+0.26%
    SGDIDR=X
    4.5719-0.0016-0.04%
    SGDCNY=X
    1.0351+0.0033+0.32%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,187.80-0.90-0.08%
    GCQ15.CMX
    16.70+0.02+0.15%
    SIN15.CMX
    69.29-0.41-0.59%
    ^XAU
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    HGN15.CMX
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    CLN15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.56+0.09
    ^FVX
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    ^TNX
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    ^TYX

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    Most Actives
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    E5H.SI
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    Z74.SI
    0.76-0.04-4.40%
    N21.SI
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    5WA.SI
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    AFC.SI
  • % Gainers
    % Gainers
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    0.19+0.05+36.69%
    40R.SI
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    ATL.SI
    0.19+0.03+18.01%
    K14.SI
    0.295+0.040+15.69%
    S71.SI
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    T16.SI
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    5CP.SI
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    AWZ.SI